Hold onto your soy latte because here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles today. Rask Media has your financial news sorted.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 72 US cents
Dow Jones (DJI): up 0.7%
Oil (WTI): $US62.17 per barrel
Gold: $US1,228 per ounce
Finance News
In finance news, Australia’s largest bank Commonwealth Bank of Australia (ASX: CBA) released its third-quarter trading update for its 2019 financial year.
“CBA continued to show resilient business performance in the first quarter of FY19,” CBA’s CEO Matt Comyn said in an ASX filing.
Excluding one-off items, such as its $700m fine from AUSTRAC and other regulatory items, CommBank’s third quarter cash profit rose 3%.
“The fundamentals of our business remain strong, highlighted in this quarter by continued deposit growth, sound credit quality and balance sheet strength,” Comyn noted.
Read more: Inside CBA’s 3rd Quarter Report
Also making headlines is New Zealand church donations technology company Pushpay Holdings Ltd (ASX: PPH), which publicly filed its 2019 half-year report.
“Pushpay continues to experience strong growth, delivering on its strategic plan as the Company strengthens its market position in the US faith sector,” CEO Chris Heaslip said. Pushpay reported revenue of $US44 million during the half year, up 48% year over year.
“Pushpay continues to focus on future-proofing the business, by refining the strategies that will allow the Company to realise its considerable potential over the long term, while maintaining prudent financial discipline,” Heaslip added. Pushpay reported a net loss of $US4.4 million.
Click here to learn the difference between revenue and profit.
Pushpay’s News: Pushpay is Cashing in on Churches
Finally, good-for-you foods company Freedom Foods Group Limited (ASX: FNP) reported it has entered into a joint venture partnership with Theland New Cloud Digimart Co to develop and market Arnold’s Farm range of foods in China. Theland is majority owned by Chinese e-commerce giant Alibaba Holdings Limited (NYSE: BABA).
The deal will see Theland distribute Freedom’s Arnold Farm brand in China via online and offline channels. The joint venture will own the intellectual property to Arnold Farm’s Chinese variety of products, but Freedom will remain the exclusive distributor.
“We have a good footprint here in China and it is strategic long term partnerships like this with Theland that will help us continue our strong trajectory for driving our brands and products into China, supported by our unique supply sources and scaled manufacturing capabilities in Australia,” Freedom’s CEO Rory Macleod said.
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